Operator: Good afternoon, ladies and gentlemen. I am Monserrat. Welcome to TIBCO's First Quarter 2012 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. You can also listen to this call via the Internet at www.tibco.com.

Today's call is being recorded and will be available for playback from TIBCO Software's website at www.tibco.com. In addition, replay will be available through InterCall for one month following today's call by dialing 1800-585-8367 or 404-537-3406 internationally. The confirmation code is 59620366.

The following conference call includes forward-looking statements, which represent TIBCO Software's outlook and guidance only as of today and which are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, forecasts of revenues, operating margins, operating expenses, outstanding shares, and earnings per share for future periods.

Our actual results could differ materially from those projected in such forward-looking statements. Additional information regarding the factors that could cause actual results to differ materially are discussed in the Risk Factors section of TIBCO's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. TIBCO assumes no obligation to update the forward-looking statements included in this call whether as a result of new developments or otherwise.

This conference call also includes certain financial information that has not been prepared in accordance with generally accepted accounting principles, as we believe that such information is useful for understanding our financial condition and results of operations. For a presentation of the most directly comparable financial measures calculated in accordance with GAAP and a reconciliation of the differences between the non-GAAP and GAAP financial information, please see our website at www.tibco.com.

Vivek Ranadive - Chairman and CEO: Hello (Molly) and thank you for joining us today. It's nice to be speaking to you again and discussing this first quarter of our new fiscal year. I'll begin the call with summary remarks on our Q1 performance and discuss the broader environment we are seeing, before turning it over to Murray and Sydney to discuss details.

We started the year right where we left off, and continued our record of strong execution. For the first quarter, total revenue came in at $226 million and grew by 22%. License revenue came in at $82 million and grew by over 17%. Non-GAAP operating profit grew by 17% and not get EBS came in $0.20, growing 25% over the same period a year ago.

For the third year in a row, we delivered accelerating revenue growth in Q1. This was the ninth consecutive quarter of growing EPS by more than 25% and this was the 15th consecutive quarter of beating consensus EPS estimates.

Transcript Call Date 03/29/2012

Operator: John DiFucci, JPMorgan.

John DiFucci - JPMorgan: Just two quick questions. The first one is for Vivek and Murray and I just have a follow-up for Sydney. Financial services and Europe two areas that I think a lot of people, including us, are keeping a close eye on because we are hearing just some softness from the region in Europe and also hearing there is some pressure in budgets for financial services this year. But it sounds or you did put up good numbers for both, and I don't know if may be you can talk a little bit more about that? Is there something -- some reason why TIBCO might be able to avoid sort of the macro pressures in this important vertical and region, and I guess are you selling similar to how Vivek spoke right from the beginning, are financial services really starting to engage more with TIBCO beyond sort of the core messaging that they have always engaged in?

Vivek Ranadive - Chairman and CEO: Yeah John, you guys kept telling us that we were going to blow up in Europe and everyone was telling us that. So we put a lot of focus into Europe, and quite honestly, I have said all along that we're not going to make any excuses and we are seeing very-very strong demand for what we are doing and the catalysts are the same. How do you grow your revenue? How do you cut your costs and how do you manage risk? And one or more of those factored into banks and factored into Europe, and with banks it's gone well beyond messaging. Messaging is just a small fraction of the revenue now. So they are buying more and more of the stack. So we feel very good about it. We feel there was a lot of focus put into Europe, and I think the results show that and we will continue to put that kind of focus into Europe, and also into the Americas and Asia.

Operator: Brad Zelnick, Macquarie.

Brad Zelnick - Macquarie Securities: Specifically, the 60,000 seat deal that you did in the 20,000 seat Chatter replacement. Can you maybe just talk a little bit about the used cases?

Vivek Ranadive - Chairman and CEO: Brad, there was something wrong. So we didn't hear the first part of the question, can you just rephrase your question?

Brad Zelnick - Macquarie Securities: Can you hear me now Vivek?

Vivek Ranadive - Chairman and CEO: Yes, we can hear you now.

Brad Zelnick - Macquarie Securities: I was just speaking specifically to the comments that you made on tibbr, 26 new deals in the quarter, 60,000 seat deployment, 20,000 seat Chatter replacement deal. Can you maybe talk about some of the used cases? I think this segment for you is exceeding all expectations out there?

Vivek Ranadive - Chairman and CEO: Yeah, we are absolutely crushing Chatter and the other guys in the market right now, and what people want is, something that unlocks all the internal systems, and are we allowed to mention the name of this particular client, we can't, okay. But basically, wherever there are things like Chatter out there, they like the concept, but they want to be able to integrate into everything else, and only TIBCO can do that. Murray, what can we say about it, the 20,000 Chatter replacement?

Murray Rode - COO: Just that kind of flexibility for the enterprise. Tibbr has a platform that both brings in the social media metaphor to the enterprise as well as, bringing with it, the kind of enterprise ready integration and management security features that we offer with tibbr.